We love Instagram influencers because theyβre just like us but they look flawless. They do cool things, they live amazing lives, and they get paid to do it. So how do you get on their level and make a profit?
We spoke with two influencers to find out what it really takes so you know what youβre getting yourself into if you decide to pursue this as a side-gig or career path.
Influencer marketing is a fairly new marketing strategy that has seen significant growth in the past year. What is it? Basically, brands seek out partnerships with everyday people and celebrities to gain exposure in their community of social media followers. Itβs an because people trust influencers.
Here are three main traits of successful influencers:
1.They have a following. If you have at least 500 followers and youβre pretty tight with them (meaning an of 1-6%, where engagement = likes + comments / number of followers x 100), then you could potentially become a paid influencer.
2.They produce great content. Influencers are creators who produce high quality videos, artwork, stories, and photos. Itβs one of the main reasons why we follow them.
3.They devote a lot of time to it. A single photo or video could take hours to stage, shoot, and edit. Influencers need to produce a consistent stream of content.
So, whatβs it like being an influencer, how do you become one, and what does it take?
We spoke to two growing influencers to learn more about how they got to where they are today.
Anna Kate (), is a fairly seasoned influencer who uses it as a regular side-gig, and Erica (), is a micro-influencer just starting out and getting her first taste of the perks of the job.
Check out their stories:
Influencer earnings depend on niche, followers, and engagement, and comparable influencers in different industries can make wildly different salaries per post.
If youβre an influencer who needs a hand developing a pricing strategy, then take a look at. This chart gives a very general idea:
It depends what you mean. Here are some numbers to ponder:
Letβs start with the minimum wage, which is $14/hour in Canada, or right around $29,000 annually. To replace that income with influencer money, youβd need to haul in more than $500 per week. Keep in mind youβd have some tax advantages as an influencer, since many of the expenses youβd incur will be tax-deductible.
If you wanted to make the average Canadian full-time wage, which is almost $58,000 per year, youβd need more than $1,000 per week in influencer income. Thatβs a tough number to hit until you have a sizable audience of engaged followers. Remember, this is a long-term project.
If you have a knack for social media, love producing your own content, and have solid Β followers and engagement, then you could use influence marketing to set up a successful financial future.
Of course, as a financial planning company, we generally recommend putting at least some of your earning in a TFSA or RRSP so you can really maximize your efforts over the long term.
Whether youβre brand new to influencer marketing, well on your way, or just considering it from the safety of your current job, itβs always a good time to start working on your financial plan so you can retire early. π
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